Nifty spot opened at 8030.60 and made a low of 8020.80 , went up till 8111.10 before closing at 8103.60 . Had mentioned that long positions can be taken above 8057 and short positions can be taken below 8013 for the day . Nifty triggered our long trade and completed 2 targets . As mentioned in the previous post too ' A deeper downmove can be expected on a consecutive close below 7895 ' and we had seen this being tested this week but Nifty had managed to hold it on closing . Till Nifty does not give a consecutive close above 8398 this month we can expect all upmoves to get sold into . Have been mentioning since the beginning of December that 'IF we get a consecutive close below 8051 this month then we can expect the downmove to continue till 7900' which was achieved by Nifty by making a low of 7893.80 . For this week Nifty spot needs to break and sustain above 8020 then we can expect a move till 8040 - 8055 initially and closing above 8065 we can expect the next move till 8095 - 8130. Similarly this week Nifty spot needs to break and sustain below 7952 then we can expect a till 7931 - 7916 initially and closing below 7907 we can expect a move till 7877 - 7843. Nifty has today closed within the next resistance range of 8095 - 8130 and now we need to see if it can break out of this range and sustain for further upmove .
For the month of December we can expect uptrend in Nifty spot on a consecutive closing above 8398 and downtrend on a consecutive closing below 8051 .
For today if Nifty spot sustains above 8128 we can see a initial move on the upside upto 8153 & on sustaining above 8160 we may see further upmove till 8206. Similarly if Nifty spot sustains below 8079 we may see a initial move on the downside upto 8054 & on sustaining below 8047 we may see a further downmove till 8001
Nifty Spot Levels for the day are
Long above 8128 for 8143 - 8160 - 8206 , SL 8096
Short below 8079 for 8065 - 8047 - 8001 , SL 8111
This is the last post for the calendar year 2016 and I would like to thank all those who have been reading my posts regularly thereby providing me with the motivation to keep writing.
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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.